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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 31, 2013 - 2:47 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Today’s Highlight Gold’s bearish scenario remains intact, with Wednesday’s sudden surge being retraced entirely Thursday.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) A fresh low Thursday probed slightly under WEdnesday’s low to test 79.15, nearing the 79.05 target that remains in-play so long as 79.40 isn’t recovered.

Eurodollar Mar Contract (EC, ETF: (FXE)) Thursday’s early dip was recovered to a fresh high attacking 1.3600 a little closer than Wednesday, but the session essentially only ranged narrowly around 1.3580 resistance. Now pullbaks must hold 1.3505 to maintain potential for the rally extending to 1.3635-1.3640.

Gold Apr Contract (GC, ETF: (GLD)) After Wednesday’s sudden rally from 1663.00 to 1685.00 had stopped short of proving its sponsorship was strong hands, Thursday’s reversal under 1677.00 signaled as much. Extending down under 1669.00-1670.00 signaled momentum reversing down, eventually touching 1658.40. A second consecutive lower close on Friday would confirm that 1637.40‘s retest is in-play.

Silver Mar Contract (SI, ETF: (SLV)) Wednesday’s rally to 32.25 was retraced entirely back to 31.12, resuming the pullback targeting 30.25.

30-year Treasury Mar Contract (US, ETF: (TLT)) Thursday’s probe above 143-04 to 143-24 did not decisively recover 143-18, so a bullish reaction to Friday’s Employment Situation report cannot be assured. But a retest of 142-26 that recovers 143-04 could rally sharply intraday. Closing back under 142-26 would next target 141-26.

Crude Oil Mar Contract (CL, ETF: (USO)) Wednesday’s test of 98.25 was retraced modestly Thursday, without extending down, so the 99.00 target remains intact.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Wednesday’s gap up from testing the pullback’s 3.25 target Tuesday stopped short of recovering 3.36 to signal a new upleg underway. Thursday’s pessimistic dip to 3.25 ahead of the morning’s EIA report was recovered to fresh highs at 3.40, but 3.36 was still being tested through the afternoon to still avoid signaling a new upleg underway.

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Posted in Daily Spot